Wednesday, November 25, 2009
From the floor to the screen!
Almost all floor traders are considering their future if and when the pits in Chicago close. I am of the opinion, that each and every trader who loves the business of trading prepare to be a screen trader. First and foremost, time must be set aside each week to determine how to screen trade. Yes, I mean the trader must prepare and practice screen trading each week for at least 2-4 hours throughout the year. Screen trading, as my daughter who was a pit and floor broker in the S&P'S says "screen trading is like comparing pit trading to becoming a dentist - two different careers! The next suggestion, I want to make to the new screen trader is to screen trade another commodity than what the trader is trading on the floor. With an "empty glass" it is easier to begin the new trading experience and ultimately succeed by trading another contract. For further clarification, a trader may contact me at the Chicago Mercantile Exchange/ Dowd Wescott/ University of Trading 312-909-1301. Using a hand held on the trading floor is not screen trading!